近日，中国证监会同意上海期货交易所胶版印刷纸期货和期权以及燃料油、石油沥青、纸浆期权注册。 上海期货交易所即将上市的胶版印刷纸期货和期权，将是全球首个文化用纸金融衍生品。 造纸工业是与国民经济发展和人民生活息息相关的重要基础原材料产业。从应用领域来看，纸可以分为 文化用纸、包装用纸、生活用纸、特种纸等。胶版印刷纸是文化、印刷用纸的典型代表纸种，主要以漂 白木浆为原料制成，广泛应用于图书、杂志、笔记本等领域，同时具有市场体量大、标准化程度高、价 格波动大等特点。 我国是全球最大的胶版印刷纸生产国和消费国。2024年我国胶版印刷纸产量948万吨，表观消费量871万 吨。近年来，国内外市场环境复杂多变，我国造纸工业面临着较大营收增长压力，产业避险需求较高。 推出胶版印刷纸期货和期权，将填补国内文化用纸金融衍生品的空白，为我国文化用纸产业链企业提供 精准管理价格波动风险的工具，加快形成公开透明公允的市场价格。银河期货造纸分析师朱四祥表示， 胶版印刷纸期货及期权的推出，将与纸浆期货形成协同效应，打造"纸浆—胶版印刷纸"的完整风险管理 链条，完善浆纸产业全周期风险管理体系，形成上下游企业从原材料到产成品对敞口风险的闭环管 ...

本报讯上期所22日发布通知称，为进一步提升市场运行质量，更好地服务实体经济发展，招募铸造铝合 金期货做市商及石油沥青、燃料油、纸浆和胶版印刷纸期权做市商。(齐宣) ...

8月15日，中国证监会发布通知，同意上海期货交易所胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权注册。这标志着 上期所即将上市全球首个文化用纸金融衍生品，同时加速实现成熟期货品种期权覆盖。证监会要求上期所做好各项准备工作， 保障相关品种平稳推出和稳健运行。 造纸工业是与国民经济发展和人民生活息息相关的重要基础原材料产业。从应用领域来看，纸可以分为文化用纸、包装用纸、 生活用纸、特种纸等。胶版印刷纸是文化、印刷用纸的典型代表纸种，主要以漂白木浆为原料制成，广泛应用于图书、杂志、 笔记本等领域，同时具有市场体量大、标准化程度高、价格波动大等特点。 我国是全球最大的胶版印刷纸生产国和消费国。2024年我国胶版印刷纸产量948万吨，表观消费量871万吨。近年来，国内外市 场环境复杂多变，我国造纸工业面临着较大营收增长压力，产业避险需求较高。推出胶版印刷纸期货和期权，将填补国内文化 用纸金融衍生品的空白，为我国文化用纸产业链企业提供精准管理价格波动风险的工具，加快形成公开透明公允的市场价格。 上期所燃料油、石油沥青和纸浆期货经过多年培育，已经逐步成为企业套期保值的重要工具，具备市场流动性和合约连续性 好、投资者结构成 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) will launch futures and options for coated printing paper, fuel oil, petroleum asphalt, and pulp on September 10, 2025, to enhance risk management tools in the paper industry and support sustainable development [2][3]. Group 1: Reasons for Launching Coated Printing Paper Futures and Options - The coated printing paper industry in China is undergoing rapid upgrades, with a production volume of 9.48 million tons and apparent consumption of 8.71 million tons expected in 2024, indicating a high demand for risk management tools due to market volatility [3]. - The introduction of these financial derivatives aims to fill the gap in the domestic cultural paper financial products market, providing enterprises with tools to manage price volatility effectively [6]. - The launch will help establish a comprehensive risk management system for the pulp and paper industry, allowing companies to control costs and stabilize revenues from raw materials to finished products [6]. Group 2: Highlights of Contract and Business Rules - The design of the futures and options contracts incorporates successful experiences from existing products while focusing on risk prevention and market development to ensure transparency and fairness [4]. - The minimum price fluctuation for coated printing paper options is set at 1 yuan/ton, reflecting the typical trading behavior of option traders [4]. Group 3: Delivery Method and Risk Management - The coated printing paper futures will utilize a combined delivery method involving both warehouses and factory storage, catering to the diverse specifications required by downstream users [5]. - This dual delivery approach aims to reduce delivery costs and meet customized demands while ensuring market stability and mitigating delivery risks [5]. Group 4: Risk Prevention Measures - The SHFE plans to implement strict regulatory measures and enhance monitoring to ensure the smooth operation of the new products [7]. - The exchange will conduct market training and investor education to familiarize participants with the new futures and options, ensuring effective market engagement [9].

Group 1: Domestic Policy Insights - The article by General Secretary Xi Jinping emphasizes the importance of private enterprises in the development of the socialist market economy, highlighting the need for policies that support and protect non-public ownership [10][11][12] - The 2025 National Ecological Day event focused on promoting the concept of "Lucid waters and lush mountains are invaluable assets," aiming for a more beautiful ecological environment and sustainable economic growth [12][14] Group 2: Monetary and Fiscal Policy - The People's Bank of China (PBOC) reported a GDP growth of 5.3% year-on-year for the first half of 2025, indicating a need for stable and flexible monetary policies to support economic growth [25][26] - Recent fiscal policies include the implementation of interest subsidy programs for personal consumption loans and service industry loans, aimed at reducing financing costs and stimulating consumer spending [15][23] Group 3: Equity Market Analysis - A-share indices showed significant gains, with the ChiNext Index rising by 8.58% and the CSI 500 and Shenzhen Component Index both increasing by over 3.5% [24] - The MSCI China A-share Index rose by 2.85%, reflecting positive market sentiment and capital inflows, with net inflows exceeding 35 billion yuan in the second week of August [24] Group 4: Commodity Market Trends - The non-ferrous metals sector experienced a rebound, while crude oil prices saw a slight decline, and agricultural products remained under pressure [4][27] - The OPEC monthly report predicts a tighter oil market in the coming year, indicating potential supply constraints [4] Group 5: Foreign Exchange Market Overview - The US dollar index fell to 97.84, down 0.43% week-on-week, while the Chinese yuan remained stable at 7.19 [5][30] - Recent developments include a slight decrease in the bank's foreign exchange settlement and sales balance, reflecting ongoing adjustments in the foreign exchange market [5][30]

Core Viewpoint - The Shanghai Futures Exchange announced the launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp on September 10, 2025, aiming to provide risk management tools for the cultural paper market and enhance China's position in the global cultural paper industry [1][2]. Group 1: Market Development - The introduction of coated printing paper futures and options will fill a gap in domestic cultural paper derivatives and provide precise tools for managing price volatility for industry chain enterprises [1][2]. - The futures and options will help establish a fair and objective pricing system, leveraging China's status as the largest producer and consumer of cultural paper [2][3]. Group 2: Risk Management - The current lack of a unified pricing benchmark in the spot market creates challenges for enterprises facing price volatility; the new futures and options are expected to improve risk management systems [2][3]. - The "warehouse + factory" physical delivery model will effectively reduce delivery costs and meet the customized needs of enterprises, ensuring smooth delivery and market stability [3][4]. Group 3: Contract Specifications - The trading unit for coated printing paper futures is set at 40 tons per contract, aligning with current purchasing habits and transportation methods in the industry [4]. - The minimum price fluctuation for coated printing paper options is established at 1 yuan per ton, reflecting the typical trading behavior of option traders [5]. Group 4: Regulatory Measures - The Shanghai Futures Exchange emphasizes strong regulation and risk prevention measures to ensure the smooth operation of the new products, including early identification and monitoring of potential risks [5]. - The exchange plans to conduct market promotion, discussions, training, and investor education to enhance the functionality of futures and options and support high-quality development of the real economy [5].

Macro Dynamics - The Chinese Foreign Ministry expressed support for efforts that contribute to a peaceful resolution of the crisis, welcoming continued contact between Russia and the United States to improve relations and promote a political solution to the Ukraine crisis [2] Trade and Regulatory Updates - The Ministry of Commerce announced an extension of the anti-subsidy investigation period for imported dairy products originating from the EU until February 21, 2026, due to the complexity of the case [3] - The Shanghai Stock Exchange reported that 64 companies have been listed this year, with a total fundraising amount of 648.21 billion yuan, including 342.33 billion yuan from 15 IPOs on the main board [4] Market Data - A-shares saw a collective increase, with the Shanghai Composite Index rising by 0.85%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 2.84%. The total trading volume reached approximately 27,641.63 billion yuan, an increase of about 5,195.51 billion yuan from the previous trading day [12] - The Hong Kong stock market closed with the Hang Seng Index down 0.14% while the Hang Seng Tech Index rose by 0.82% [13] Company Dynamics - Chen Rui resigned as the legal representative of two Bilibili-related companies, with Huang Shengsheng taking over [14] - Dongfeng Group plans to sell a 50% stake in Dongfeng Honda Engine Company, currently in the pre-listing stage, with the listing deadline set for September 12 [15] - China Shipbuilding Industry Corporation announced that the Shanghai Stock Exchange has accepted its application for voluntary termination of stock listing [16] - The total box office for the 2025 summer movie season has surpassed 10 billion yuan, with "Nanjing Photo Studio," "Wang Wang Mountain Little Monster," and "Lychee of Chang'an" leading the box office rankings [17]

Group 1 - The People's Bank of China emphasizes the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [4] - The U.S. government expands the scope of tariffs on steel and aluminum imports by 50%, including hundreds of derivative products [7] - President Trump announces plans to impose tariffs on semiconductors, potentially reaching 300% [8] Group 2 - Southbound funds recorded a net purchase of 35.876 billion HKD, setting a new historical single-day net purchase record [9] - Hong Kong's Financial Secretary Chen Maobo announced plans to develop an international gold trading center, with a proposal expected by the end of the year [10] - The China Securities Regulatory Commission approved futures and options for various commodities, including cultural paper, enhancing the product offerings of the Shanghai Futures Exchange [11] Group 3 - Huayou Cobalt reported a net profit of 2.711 billion CNY for the first half of the year, a year-on-year increase of 62.26% [13] - Shengnong Development achieved a net profit of 910 million CNY in the first half of the year, a significant year-on-year increase of 791.93% [15] - Dongfang Caifu reported a net profit of 5.567 billion CNY for the first half of the year, up 37.27% year-on-year [24]

中国证监会近日同意上海期货交易所（下称上期所）胶版印刷纸期货及期权，燃料油、石油沥青和纸浆 期权注册，标志着上期所即将上市全球首个文化用纸金融衍生品，同时加速实现成熟期货品种期权覆 盖，上期所产品体系进一步丰富。证监会要求上期所做好各项准备工作，保障相关品种平稳推出和稳健 运行。 据期货日报记者了解，造纸工业是与国民经济发展和人民生活息息相关的重要基础原材料产业，从应用 领域来看，纸可以分为文化用纸、包装用纸、生活用纸、特种纸等。胶版印刷纸是文化、印刷用纸的典 型代表纸种，主要以漂白木浆为原料制成，广泛应用于图书、杂志、笔记本等领域，同时具有市场体量 大、标准化程度高、价格波动大等特点。 （文章来源：期货日报网） 造纸产业具有较强的循环经济特征，目前在我国已经基本形成完整的原料可再生、产品可循环、废弃可 回收的生产、流通和消费体系。《中共中央国务院关于加快经济社会发展全面绿色转型的意见》中明确 提出，大力推动造纸等行业绿色低碳转型，推广节能低碳和清洁生产技术装备，造纸行业正加快技术进 步，迎来新一轮转型升级。胶版印刷纸期货和期权上市后，将通过交割品级选择设置、交割认证品牌准 入等合约制度安排引导行业全面贯彻绿 ...

Group 1 - The Shanghai government hosted a financing guarantee event aimed at addressing enterprise financing challenges, attracting over 130 participants from various sectors [1] - The China Securities Regulatory Commission approved the registration of futures and options for several commodities, marking the launch of the world's first cultural paper financial derivatives [2] - Shanghai's government released a comprehensive action plan to deepen carbon market reforms, aiming to establish a carbon pricing mechanism and enhance carbon financial products [3] Group 2 - New regulations for algorithmic trading require four types of traders to report before trading, enhancing market transparency [4] - The first clean energy real estate asset-backed security (ABS) was listed on the Shanghai Stock Exchange, showcasing innovation in green finance [5] - Measures were introduced to simplify the investment process for foreign central banks in China's bond market, promoting higher levels of openness [6] Group 3 - Guotai Junan successfully issued a 3-year offshore bond worth 2.3 billion RMB, marking its debut in the international capital market under a new brand [12] - The Shanghai Clearing House held a conference on foreign currency repurchase clearing, involving over 50 experts from various financial institutions [7] - The first unprofitable company since the introduction of the "Star Market Eight Rules" received approval for an IPO, indicating a shift in market acceptance [8] Group 4 - The Shanghai Stock Exchange released a report on 20 years of ESG practices, highlighting the progress made in sustainable finance [9] - A total of 63 high-growth industry bonds have been issued on the Shanghai Stock Exchange, amounting to 41.9 billion RMB [10] - The Shanghai Financial Regulatory Bureau approved the acquisition of shares in a property insurance company, increasing foreign ownership in the sector [11] Group 5 - KKR launched its first onshore RMB fund in the Shanghai Lingang New Area, marking a significant step in foreign investment in RMB funds [12] - A new financial leasing SPV project focused on smart manufacturing was established in the Lingang New Area, reflecting the expansion of financial leasing services [13] - The Agricultural Bank of China introduced a new product to support technology enterprises, demonstrating increased financial backing for innovation [15] Group 6 - The Shanghai Rural Commercial Bank executed its first government procurement loan guarantee business, providing financial support to a winning bidder [17] - Agricultural technology companies secured loans totaling 396 million RMB during a recent roadshow event, showcasing the financial sector's support for agricultural innovation [18] - The People's Bank of China reported a 6.7% year-on-year growth in the total loan balance by the end of July, indicating a stable credit environment [24]